The Sydney Potts Point Central Apartment Hotel has been acquired for $31.5 million by global multi-manager BGO Strategic Capital Partners and the Sydney-based Hotel Capital Partners.
CBRE’s Hotels and Capital Markets teams negotiated the sale, which settled this week and will result in the art deco building being convert into co-living accommodation.
The deal represents Australia’s largest brokered strata amalgamation deal since the pandemic, comprising 73 individual lots.
The 4-star hotel comprises 70 serviced apartments at an average of 23 square metres, a ground floor food & beverage outlet and a rooftop public amenity offering expansive views of Sydney’s CBD.
The planned co-living facility will be managed by UKO, Australia’s largest co-living operator.
CBRE Hotel’s Senior Director, Tom Gibson, said, “This was an incredibly intricate transaction, balancing the interests of 73 different lots simultaneously. Thanks to the patience of all stakeholders, we achieved an excellent result for our clients in what is a highly strategic acquisition in one of Sydney’s most sought-after pockets.”
Mr Gibson added, “Despite ongoing global macro concerns, Australia continues to prove itself as one of the most resilient hotel markets globally.”
CBRE Capital Markets’ Angus Windred said, “Noting the freehold going concern nature of the offering with vacant possession, the sale process extracted significant interest resulting in over 150 enquiries and 15 bids from developers, local HNWI’s and owner-operators.”
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